Accelerating success.
November 2015
Las Vegas Insider A communication for brokers, employees, colleagues and friends
NOVEMBER 2015
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TABLE OF CONTENTS 3 4 6 7 8 9 10 11 12 13
WE’RE BACK BABY (ALMOST) TAG CONFERENCE 2015 FEATURED DEALS WELCOME TO COLLIERS NEW LISTINGS
Awards
UPCOMING EVENTS BROKER RANKINGS BY THE NUMBERS
Games
Karaoke
BROKER OF THE MONTH PHONE DIRECTORY
Vegas Fun Fact
You a nd a guest are i nv i t ed to t he
Annual Colliers Holiday Party! s o dre s s in your fine st d e ni m & join u s a s we c elebrat e a wond erf u l year & toa st to t h e H ol iday S eason !
Friday, December 11th 7-11pm Rockhouse Las Vegas Grand Canal Shoppes @ The Venetian Camels were used as pack animals in Nevada as late as 1870.
STAY CONNECTED WITH COLLIERS LAS VEGAS
P lea s e R . S . V . P . to C ourt n ey x 37 1 0 by Dec e mb er 1 st
Colliers University
facebook.com/collierslv
twitter.com/Colliers_LV
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NOVEMBER 2015
December 9, 2015 | The Colliers Way – Research & Insights | Time: 1pm to 2pm
We’re Back, Baby (Almost) BY JOHN “MATT” STATER
When the Great Recession hit, back in ’08 (read that as “aught-eight” if you want to sound like an old pioneer), I decided to begin tracking the recovery that I assumed would eventually follow. I devised an index of economic measures that I thought had an impact on commercial real estate, and began tracking them. Month in, and month out, for eight years I’ve tracked these numbers, watching the index get worse, at first, and then begin to show some upward movement. Today, I am proud to announce that the index has almost returned to where it was in January 2005, midway into the boom. First, let’s take a look at how an index works. An index is a handy way to compare apples and oranges. It renders all numbers into percentages of a base number, all base numbers coming from the same period. By averaging these different measures together, weighting some more important than others, we turn several measures, all very different, into a single measure that is easy to follow. As I mentioned above, I chose January 2005 as the base period. At that point, the local economy had recovered from the 2001 recession, but had not yet exploded into the boom years of 2006 and 2007. The measures the index uses are New Home Sales, Commercial Occupancy, Gaming Revenue, Visitor Volume, Driver’s License Count (i.e. In-Migration into Clark County), Total Employment, Taxable Sales, and Containers In-Loaded at the Port of Los Angeles (as a measure of the transportation sector in the Southwestern United States). Since historical context is valuable, the Recovery Index goes back to 1996. For that year, the index averages 68.5, which can be interpreted to mean that the local economic drivers of commercial real estate were about 69 percent as strong in 1996 as they would be in 2005. In 2006, the strongest overall year for the local economy, the index averaged 106.5. The highest index measure was in September 2006, when it hit 108.8. The worst year for the local economy was 2010, when the index averaged 84.7 – still well above 1996, but well below 2005. The lowest measures of the index came in April and May of 2010, at 83.3. Essentially, the Great Recession brought the local economy back to where it had been during the early 2000’s, erasing seven years of growth. So far in 2015, the index has averaged 96.6, roughly equal to mid-2004. The highest recent measure was in September 2015, at 98.9. We’re at about 99 percent of where we were in 2005, a decade ago. Of course, not all measures are increasing at the same rate. At this point, five of the eight measures are back over 100 – Gaming Revenue, Visitor Volume, Employment, Taxable Sales and LA Port Traffic. These measures range from 101.5 (visitor volume) to 120.9 (taxable sales), and suggest an improved commercial economy – people are buying more, making more and shipping more. Commercial occupancy is at 97.6 – nearly back to where it was in 2005. The current weakness in the local economy comes from a lack of population growth. The Driver’s License Count is now at 73.9, indicating that migration into Southern Nevada is now at about 70 percent of where it was during the boom. The strongest migration into the area came during the winter of 2003 (and in fact, in-migration always seems to spike during the winter). More significantly, the Driver’s License Count averaged 89 during the mid-to-late 1990’s, so we’re now getting far fewer people moving into Southern Nevada. Migration was actually even stronger a few years ago, in 2012, than it is now. When you consider the recovery we have seen in taxable sales without the influx of new people into the Valley, you realize how much the local economy actually has recovered, and how much stronger that recovery would be with continued strong immigration into Clark County. The real loser from this lack of population growth has been New Home Sales. That number now stands at just 22.8 – we’re selling approximately 23 percent as many new homes now as we were in 2005, and about a third as many as we were in the 1990’s. The local economy has come a long way since the depths of the Great Recession, but new home sales and migration into Southern Nevada are still mired in the Great Recession. Perhaps this is the new normal. The key point is that despite population growth and the residential construction industry, two former pillars of the old normal, being so weak, Southern Nevada’s economy is close to reaching the strength it had before the Great Recession hit. This change to the “new normal” has been accompanied by changes in the demand landscape of the commercial real estate sector. For example, warehouse/distribution in particular and industrial in general is in high demand, while office and retail users are finding new ways to maximize their use of space (i.e., they’re doing more with less). Getting to know the “new normal” and what it means for your clients and their real estate needs is key to your success as a broker.
TAG CONFERENCE - Nov. 12, 2015 LaKE Tahoe, California
The Tag Conference was a Great Success... Over 175 people attended this year! we hope to see you All Next Year.
Congratulations
to Bridget Richards & Joey Brandise on the arrival of Jesse Brandise. Jesse made his debut on November 23rd at 12:50 p.m. He weighed 6.3 lbs. & is 18.5 inches long. Mom & baby are doing well. Welcome to the Colliers family Jesse!
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NOVEMBER 2015
It's a Boy!
GKT ANNUAL “STAFF APPRECIATION DAY”
SPECIAL THANKS TO Scott Gragson, John Kilpatrick, Robert Torres, and the entire GKT Team! Our annual “Staff Appreciation Day” on November 17th was super fun and greatly appreciated!
THANKSGIVING FEAST
NOVEMBER 19TH, 2015
The office was treated to an abundant Thanksgiving feast...thank you to all the “chefs” in our office who contributed their favorite recipes.
NOVEMBER 2015
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FEATURED DEALS
LAND SALE
Bridget Richards, CCIM and Jason Lesley, CCIM completed a ±4.22 acre sale to Sunset Development Partners, LLC. The industrial zoned, parcel of land is located on Sunset Road east of McLeod Drive (APN: 162-36-410-001). The transaction amount was $1,200,000.00. Richards, CCIM and Lesley, CCIM of Colliers International represented the buyer.
OFFICE LEASE Suzette LaGrange and Kara Walker, CCIM completed a ±2,264 square-foot lease to ICL, LLC. The office property is located in Pebble Place Business Center at 2140 East Pebble Road, Suite 210 in Las Vegas. LaGrange and Walker, CCIM of Colliers International represented the landlord CVK, LLC.
RETAIL SALE
Tom Naseef, CCIM, SIOR and Jeff Naseef completed a ±33,162 square-foot (±3.08 acre) sale to Doug and/or Regan Gubler. The retail center is located at 11041 South Eastern Avenue in Henderson. The transaction amount was $7,500,000.00. Naseef, CCIM, SIOR and Jeff Naseef of Colliers International represented the seller, Maryland and Eastern 1, 2, 3, 4, 5, and 6, LLC. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.
INDUSTRIAL LEASE Dan Doherty, SIOR, Susan Borst, CCIM, Chris Lane and Jerry Doty completed a ±29,133 square-foot lease to HD Supply Construction LTD. The industrial property is located at 4171 Distribution Circle in North Las Vegas. Doherty, SIOR, Borst, CCIM, Lane and Doty of Colliers International represented the landlord, Icon Pac Nevada Owner Pool 3 Nevada, LLC.
LAND SALE Vincent Schettler finalized a ±7.79 acre sale to Prudent Ventures, LLC. The vacant land parcel is located on East Owens Avenue and Hollywood Boulevard (APNs: 140-26-102-002 and 140-26-102-003) in Las Vegas. The transaction amount was $500,000.00. Schettler of Colliers International represented the sellers, ND Holdings, LLC & Schettler Family Foundation.
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NOVEMBER 2015
ELIZABETH VALLES | Research Analyst Please join us in welcoming Elizabeth Valles to Colliers International Las Vegas as a Research Analyst. Elizabeth will be responsible for maintaining, verifying and updating the commercial property database inventory, including available and comparable records for quarterly reporting. Elizabeth graduated from UNLV’s Lee Business School with a Bachelors in Business Administration. Prior to joining Colliers, Elizabeth spent nearly a decade in the residential real estate industry developing databases, processing transactions, leasing, selling, interior design, buying, zoning, permits and administrative processes. She has worked with property owners, general contractors, construction managers and venture capitalists. Elizabeth is currently enrolled in commercial real estate courses and a commercial mentoring program. In her free time, Elizabeth enjoys reading, watching movies, horseback riding and spending time with family and friends.
Welcome aboard Elizabeth!
Annual Broker Turkey Bowl 2015
Once again Colliers looked great competing in the Broker Turkey Bowl on November 20th at Goett Park in Southern Highlands.
NOVEMBER 2015
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NEW LISTINGS OFFICE - FOR LEASE
MEDICAL - FOR LEASE OR SALE
OFFICE - FOR LEASE
Taber Thill, SIOR, Patti Dillon & Ryan Martin, SIOR, CCIM are representing a ±53,565 SF Flex Building for lease that is conveniently located off SEC of South Pecos Road & East Post Road. The buildings includes warehouse space with loading docs & fully furnished data & call center in Las Vegas.
Stacy Scheer, CCIM & Grant Traub are representing a ±5,500 SF Surgery Center & Medical Office Building for lease or sale that is conveniently on border of Summerlin Medical Radius Restriction in Las Vegas.
Renae Russo is representing a ±4,520 SF Warehouse/Office for lease. The building has 3-Phase power, M-1 Zoning & 1 grade door in Las Vegas.
SPECIALTY - FOR SALE
OFFICE - FOR LEASE
INDUSTRIAL - SALE
Grant Traub & Chris Connell are representing a ±6,000 SF Fully Turn-Key Adult Cabaret with liquor, completely remodeled in 2015 for sale, asking: $2,999,000. Has excellent proximity to the Las Vegas Strip.
Suzette LaGrange & Kara Walker, CCIM are representing a ±3,126 to ±10,466 SF office space for sublease that is located on the NWC of I-215 & South Eastern Avenue with easy access to the 215 freeway. The building is elegantly appointed common areas and suite finishes in Las Vegas.
Jason Lesley, CCIM, Bridget Richards, CCIM & Josh Smith are representing a ±5,800 SF building with fenced/secure yard. Owner/ User Sale in Las Vegas. Asking $125.96 PSF.
3525 East Post Road
2580 South Highland Drive
3860 South Hualapai Way
8965 South Eastern Avenue
Nevada Business “Industrial Surges, Office and Retail Coast During Third Quarter in Las Vegas” http://www.nevadabusiness.com/2015/10/industrial-surges-office-retail-coast-third-quarter-las-vegas/ Vegas Inc “Building Blocks for Better Health” http://vegasinc.com/news/2015/nov/12/hospital-construction-on-the-rise-in-southernneva/ Vegas Inc “Reports find sluggish growth in Las Vegas rental prices” http://vegasinc.com/business/2015/nov/20/report-finds-sluggish-growth-in-las-vegasrental-p/
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NOVEMBER 2015
289 Pilot Road
6266 Sandhill Road
Mike’s Corner: Fastest way to mess up someones Knock Knock joke? “It’s open.” - Bill Murray
U P C O M I N G
EVENTS
DECEMBER 3rd
DECEMBER 8th
DECEMBER 9th
SIOR Holiday Reception Cili Restaurant
CCIM Holiday Luncheon The Four Seasons
BOMA Nevada Holiday Mixer Yard House at the LINQ
11:30am
5:00pm
DECEMBER 11th
DECEMBER 16th
Colliers Annual Holiday Party ROCKHOUSE Las Vegas
End of Year Office Meeting Main Conference Room
DECEMBER 17th
DECEMBER 24th
DECEMBER 25th
End of Year Retail Meeting Main Conference Room
Office Closed Christmas Eve
Office Closed Christmas Day
6:00pm
DECEMBER 10th
CREW Holiday Luncheon Las Vegas Country Club 11:30am
NAIOP Holiday Reception Cili Restaurant
7:00pm
9:30am
4:00pm
Green Gala: Follow the LEEDer Nevada State Museum 5:30pm
9:30am
Thank you to all who contributed to our Socktober Sock Drive. We collected a few hundred pairs of socks that were distributed to the children of Cambiero Elementary School. Go Team! NOVEMBER 2015
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LOOK WHO MADE THE PLANE!
2015 SALES AWARD TRIP
MAUANA KEA - MARCH 18, 2016 - MARCH 22, 2016
YEAR-TO-DATE BROKERS WHO QUALIFY FOR THE HAWAII TRIP SUSAN BORST CHRIS CONNELL KEITH CUBBA MIKE DELEW DAN DOHERTY
SCOTT GRAGSON DAVID GRANT JASON LESLEY SCOT MARKER PAT MARSH
RYAN MARTIN MIKE MIXER SPENCER PINTER BRIDGET RICHARDS BRIAN RIFFEL
MIKE STUART TABER THILL GRANT TRAUB AL TWAINY DEAN WILLMORE
PATTI DILLON* DAN GLUHAICH* TOM NASEEF*
*THESE BROKERS QUALIFIED FOR THE PLANE IN OCTOBER ... WELCOME ABOARD!
BROKER RANKINGS YEAR TO DATE OCTOBER 2015 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.
DAN DOHERTY MIKE STUART MIKE DELEW MIKE MIXER DEAN WILLMORE SPENCER PINTER DAVID GRANT SUSAN BORST PAT MARSH KEITH CUBBA RYAN MARTIN TABER THILL SCOTT GRAGSON DAN GLUHAICH AL TWAINY TOM NASEEF
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17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33.
BRIAN RIFFEL GRANT TRAUB CHRIS CONNELL BRIDGET RICHARDS JASON LESLEY PATTI DILLON SCOT MARKER PHILLIP DUNNING GEORGE CONNOR VINCE SCHETTLER ERIC MOLFETTA GREG PANCIROV CHARLES CONNORS JOE BONIFATTO ANDREW KILDUFF CHRIS LANE STACY SCHEER
34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47.
RENAE RUSSO FRANK MARRETTI GARRY CUFF SUZETTE LAGRANGE ROBERT TORRES KARA WALKER JOSHUA SMITH REBECCA STANIEC ERIC TUMBLESON PAT MCNAUGHT CHRIS LOBELLO DAVE FREAR STEVE HAYNES SAM NEWMAN
48. 49. 50.
TOM STILLEY JULIE BAUMAN JOHN KILPATRICK
BY THE NUMBERS OCTOBER 2015
LAS VEGAS - OCTOBER 2015 RESULTS MULTI FAMILY 4%
OTHER 2%
OFFICE 19%
LEASE 40%
RETAIL 32%
OCTOBER 2015 Sales Revenue vs. Lease Revenue
PROPERTY TYPES
INDUSTRIAL 31%
SALES 60%
LAND 12%
64 DEALS IN OCTOBER
TOP 10 AGENTS: OCTOBER 2015 1. CHARLES CONNORS 6. DAN DOHERTY 2. MIKE DELEW
7. ERIC MOLFETTA
3. DAN GLUHAICH
8. RYAN MARTIN
4. TOM NASEEF
9. TABER THILL
5. SPENCER PINTER
10. DEAN WILLMORE
Vegas Fun Fact
ANNIVERSARIES: 1. SCOTT GRAGSON 1997 / 18 YEARS 2. MARGE RUDERMAN 2001 / 14 YEARS 3. SCOTT LARSON 2005 / 10 YEARS 4. CHRIS LOBELLO 2007 / 8 YEARS
5. VINCE SCHETTLER 2012 / 3 YEARS 6. NICOL MONTALTO 2012 / 3 YEARS 7. CHARLES CONNORS 2014 / 1 YEAR 8. ANTHONY SCHETTLER 2014 / 1 YEAR
Nevada is the LARGEST gold producing state in the United States. Nevada is 2nd in the world behind South Africa. NOVEMBER 2015
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BROKER OF THE MONTH OCTOBER 2015 When you were little, who was your favorite super hero and why?
I’ve always admired John Wayne as a realistic Superhero. He portrayed a person who knew how to get things done when it got tough but always remembered to share a laugh with his friends and a smile with the everyday people he encountered.
What do you enjoy doing when you’re not working?
Aren’t we always working? I love all things outdoors. My two sons are very active and we rarely sit indoors any day of the week. Vegas is surrounded by tons of activities in a short distance from the Valley, so I’m always looking for new adventures. Recently we did a mine tour in Nelson Nevada, I highly recommend it to everyone.
You’ve been given access to a time machine. Where and when would you travel to? I’d go back 2000 years or so to Italy during the Roman Era. It has always intrigued me with the mythology, the culture and their scientific advancements. I’d imagine the wine was pretty good too...
Share a personal fact no one would ever guess about you. I won a bet cooking one Friday night in the kitchen of Wolfgang Puck’s Chinois at the Forum Shops. My buddy was the Executive Chef and didn’t believe I knew how to cook. He was wrong, I crushed it
PROFILE
CHARLES CONNORS VICE PRESIDENT RETAIL SPECIALIST Colliers Las Vegas
OHANSS RA J ON A S
Charles has an extensive background in business management, civil engineering, architecture, project management, residential construction, commercial construction and civil development. Early in his career, Mr. Connors had received his wealth management designations, through the Series Seven and Sixty Three exams administered by The Financial Industry Regulatory Authority. while he worked on Wall Street in New York City. He has achieved numerous awards and distinctions throughout his long career. Charles holds a degree in Business Management as well as accreditations in Contract Law, Business Law, Criminal Law and Sociology.
CONGRATULATIONS, CHARLES! ICEBREAKER
INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH
Where was your first job?
TRANSACTION COORDINATOR
What’s a dessert you can’t resist? Chocolate!!! The darker the better. But don’t give me white chocolate – that is not chocolate!
12 NOVEMBER 2015
Sheraton Waikiki in Honolulu, HI. Rather than getting paid, I had to pay to work so I could apply credits to my class (non-paid internship), but I had ocean view, turtles, and free breakfast/lunch/dinner every day for one semester, so I couldn’t really complain.
Do you have any secret talents? I began playing piano when I was 5.
What was the best present you have ever received? Spy vs Spy game on Commodore 64, circa 1985. That was high-tech back then!
Where was your last vacation? Rome and Venice in Italy. All vacations will be compared to this one going forward. Missed Tom Hanks at the hotel by one day. He was filming Angels & Demons and had just checked out the day before.
Las Vegas Phone Directory INDUSTRIAL Susan Borst Mike De Lew Dan Doherty Jerry Doty David Frear Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Renae Russo Kara Walker Dean Willmore Chris Zunis
LAND +1 702 836 3719 +1 702 836 3736 +1 702 836 3707 +1 702 836 3735 +1 702 836 3723 +1 702 836 3754 +1 702 836 3799 +1 702 836 3728 +1 702 836 3741 +1 702 836 3756 +1 702 836 3724 +1 702 836 3776 +1 702 836 3776 +1 702 836 3773 +1 702 836 3775 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703
OFFICE Patti Dillon Andrew Kilduff Ryan Martin Tom Naseef Tom Stilley Rebecca Staniec Taber Thill
+1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3720 +1 702 836 3740 +1 702 836 3792 +1 702 836 3796
+1 702 836 3753 +1 702 836 3730 +1 702 836 3727 +1 702 499 8999 +1 702 836 3798 +1 702 836 3764 +1 702 836 3739 +1 702 836 3788
+1 702 836 3777 +1 702 836 3713
INVESTMENT SERVICES Joe Bonifatto Brian Fike Robert Henn Jason Lesley Frank Marretti Bridget Richards Grant Traub Josh Smith
+1 702 836 3750 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3745 +1 702 836 3726 +1 702 836 3752 +1 702 836 3768
STAFF
HOTEL/RESORT Mike Mixer Dharmesh Patel
Andrea Blue Brandy Dumas Jennifer Kennedy Gretchen Lee Brenda Martinez Jennifer Maximino Jessie Noche Angelina Scarcelli
+1 702 836 3729 +1 702 836 3744 +1 702 836 3767 +1 702 836 3742 +1 702 836 3758 +1 702 836 3743 +1 702 836 3789 +1 702 836 3760
Nicole Cauilan Courtney Goffstein Alisa Husic Sara Johansson Gina Jones Scott Jun Laura Medina Elizabeth Valles Matt Stater
+1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3721 +1 702 836 3769 +1 702 836 3791 +1 702 836 3781
GAMING GROUP Josh Smith
+1 702 836 3760
GOLF COURSE
RETAIL Lisa Cheplak Garrett Connor George Connor Charles Connors Chris Connell Phillip Dunning Dan Gluhaich David Grant Scot Marker Eric Tumbleson Al Twainy
Julie Bauman Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
PROPERTY MANAGEMENT
Keith Cubba +1 702 836 3770 +1 702 836 3738 +1 702 836 3786 +1 702 836 3778 +1 702 836 3709 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3782 +1 702 836 3708 +1 702 836 3725
+1 702 836 3733
MULTI-FAMILY Garry Cuff Jeff Naseef Tom Naseef
+1 702 836 3716 +1 702 836 3731 +1 702 836 3720
RECEIVERSHIP Christopher LoBello +1 702 836 3714
MEDICAL OFFICE Stacy Scheer
+1 702 836 3762
NOVEMBER 2015 13
Accelerating success.
www.colliers.com/lasvegas Colliers International Mike Mixer, Executive Managing Director 3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 T +1 702 735 5700 | F +1 702 731 5709
14 NOVEMBER 2015